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Investing.com -- Nvidia’s GTC conference in Paris offered no stock-moving announcements but added further evidence of long-term growth, Morgan Stanley said in a note this week, calling it “another bullish proof point for Nvidia’s business beyond 2025.”
The firm highlighted that “European catch-up investment, quantum/classical opportunities, and industrial/physical AI were the main focus,” all of which provide “incremental growth” on top of the broader AI boom.
At the event, Nvidia (NASDAQ:NVDA) emphasized accelerating EU investment. “Earlier this year the EU launched a €200 billion initiative for AI investment,” with €20 billion earmarked to help finance five AI gigafactories.
Nvidia’s own announcements included plans requiring “more than 3,000 exaflops of NVIDIA Blackwell compute,” including “an 18k GB200 phase one deployment with Mistral in France” and “a 14k Blackwell development in the UK.”
The company also plans to build “the world’s first industrial AI cloud for European manufacturers” and new AI centers across Germany, Sweden, Italy, Spain, the U.K. and Finland.
Morgan Stanley said the keynote reflected Nvidia’s shift toward “robotics and physical AI,” noting, “investment is happening now.” The firm estimates European GPU revenue could grow “8x or more from CY24 to CY26.”
CEO Jensen Huang was said to have been “more constructive on a timeline for hybrid GPU/QPU systems” and reiterated Nvidia’s strategy of complementing quantum computing with classical simulation tools.
Nvidia also expanded its DGX Cloud Lepton marketplace with AWS and Azure joining smaller compute providers, aiming to “make it easier for developers to manage, monitor, and deploy their compute resources globally.”
Despite management’s usual conservative tone, Morgan Stanley said, “We would characterize management as highly confident,” adding that “NVIDIA is outgrowing ASIC competitors meaningfully.” The firm reiterated its Overweight rating and kept Nvidia as its “Top Pick in semis.”